Trump on Thursday unveiled punishing tariffs on a broad range of imported goods, including 100% duties on branded drugs and 25% tariffs on heavy-duty trucks, set to take effect from October 1.
He also said he would start charging a 50% tariff on kitchen cabinets and bathroom vanities and a 30% tariff on upholstered furniture.
It remains unclear if the new levies would apply on top of national tariffs or whether economies with trade deals such as the European Union would be exempted.
The Trump administration's trade deals with Japan, the EU, and the United Kingdom include provisions that cap tariffs for specific products such as autos, semiconductors and pharmaceuticals, which means the new higher national security tariffs likely won't raise them above agreed rates.
Global drugmakers have also preemptively scrambled to shore up their U.S. manufacturing capacity and domestic inventory.
The new 100% tariff on any branded or patented pharmaceutical product will apply to all imports unless the company has already broken ground on building a manufacturing plant in the United States, said the president.
He also said companies such as Paccar-owned Peterbilt and Kenworth and Daimler Truck-owned Freightliner could benefit from the tariffs on heavy-duty trucks.
The reaction in Asia has been a heavy selloff in drugmakers across the region, while an index tracking Chinese-listed furniture makers slid more than 1%.
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